Saudi Arabia on Thursday said it will give Tunisia financial assistance valued at $500 million, including a $100 million grant, as the North African country grapples with crippling inflation and debt. “The Kingdom offers a soft loan and grant to the Republic of Tunisia in the amount of $500 million,” SPA said, without providing additional details. The financial assistance consists of a $400 million soft loan and a $100 million grant, Saudi Arabia’s ambassador to Tunis, Abdel Aziz al-Saqer, told Saudi-owned Al Arabiya television on Thursday. Tunisia is struggling under crippling inflation and debt estimated at around 80 percent of its gross domestic product. President Kais Saied, who assumed near total governing powers since July 2021, has repeatedly rejected what he calls the “diktats” of the IMF before a loan is granted.

Source: The North Africa Journal July 20, 2023 16:28 UTC